Kodak clipped in pre-market trading

Micron Electronics rallies; Hewlett-Packard drops

NEW YORK (CBS.MW) - Shares of Eastman Kodak slumped in pre-market trading Tuesday after it warned that lower-than-expected sales in September would negatively impact third-quarter earnings.

Kodak
EK
plunged $8.25, or 14 percent, to $50.75 in Instinet. The company said earnings per share would be 20 to 25 cents below previous guidance. See full story. Analysts had been expecting EPS of $1.60 on average, according to First Call. Kodak said the slower-than-anticipated sales growth had failed to offset the negative impact to earnings of a rising dollar, higher raw material costs and increased digital investment.

Micron Electronics
MUEI
rallied $1.63, or 13 percent, to $14 in the pre-market. The computing hardware and e-services company said it earned 24 cents a share in the fiscal fourth quarter, compared with EPS of 14 cents in the year-earlier period. Analyst had been expecting the company to earn 9 cents a share, on average, according to First Call. Revenue came in at $500 million, a 50 percent increase over last year and 35 percent above the previous quarter.

Lexmark International
LXK, +0.00%
fell $11, or 21 percent, to $41 in Instinet. The printer maker warned late Monday that it expected to earn 45 to 50 cents a share. See full story. A First Call survey of 7 analysts had pegged earnings at 60 cents a share. The company attributed the shortfall to a reduced forecast of inkjet cartridge sales and weakness in European currencies.

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